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Patents and R&D expenditure in explaining stock price movements
- Authors
- Yu, Gun Jea; Hong, KiHoon
- Issue Date
- Nov-2016
- Publisher
- ACADEMIC PRESS INC ELSEVIER SCIENCE
- Keywords
- Corporate innovation; R& D expenditure; Stock price movements; Patents
- Citation
- FINANCE RESEARCH LETTERS, v.19, pp.197 - 203
- Journal Title
- FINANCE RESEARCH LETTERS
- Volume
- 19
- Start Page
- 197
- End Page
- 203
- ISSN
- 1544-6123
- Abstract
- We investigate whether the number of patents, classified by exploitation and exploration activities, can complement corporate R&D expenditure in explaining stock price movements (SPM). Based on unique corporate patent data, we empirically find that the number of patents have more significant explanatory power in explaining SPM than R&D expenditure. Our results indicate that incorporating the number of patents in explaining SPM could add value. (C) 2016 Elsevier Inc. All rights reserved.
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Related Researcher
- Hong, Ki Hoon
- Business Administration (Business Administration)